2025-12-31-accounts

Charity registration number 519110 (England and Wales)

FRIENDS OF DURHAM CATHEDRAL

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FRIENDS OF DURHAM CATHEDRAL

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Canon Dr E D Hunt
	Mrs J Dean
	A P French
	G Barber
	Mrs C Peacock Chairman
	Mrs C Lightfoot
	MJD Lightfoot
	M Pounder	(Appointed 7 June 2025)
	Mrs H Bradshaw	(Appointed 7 June 2025)
	M Spencer	(Appointed 7 June 2025)
	GG Sampson
	M Sunter	(Appointed 7 June 2025)
Charity registration	England and Wales	519110
Principal address	Friends' Office
	The College
	Durham
	DH1 3EH
Independent examiner	RMT Accountants & Business Advisors Ltd
	Finchale House
	Belmont Business Park
	Durham
	DH1 1TW

FRIENDS OF DURHAM CATHEDRAL

CONTENTS

	Page
Trustees' report	1 - 3
Independent examiner's report	4
Statement of financial activities	5
Balance sheet	6
Notes to the financial statements	7 - 16

FRIENDS OF DURHAM CATHEDRAL

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The trustees present their annual report and financial statements for the year ended 31 December 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".

Objectives and activities

Friends of Durham Cathedral was founded in 1933. It was registered as a Charity, number 519110, on 24 July 1987. Its Governing Constitution, adopted by members at the Annual General Meeting held on 6 June 1987, was revised at the Annual General Meeting held on 1 June 1991, with a further minor revision that was approved at the Annual General Meeting held on 1 June 2019. The objects of the charity currently are:

• to promote for the benefit of the public the preservation, repair and maintenance of the fabric, curtilage and the precincts of Durham Cathedral and its library, together with any other property thereof, as buildings of architectural and historical interest, and the provision of support for its worship and music and in purchasing, acquiring, restoring or otherwise providing such furniture, fittings and structures and chattels for the interior, exterior and in the curtilage and precinct as may be desirable to continue the cathedral's work in relation to its worship, music, history and education.

As the 1991 revision of the Constitution envisaged, the greatest part of the incoming resources of the charity is generated by membership subscriptions, donations, bequests and grants from other charitable organisations. Other income results from concerts and other social occasions, and from the sale of goods.

In view of the objects of the charity its Trustees work closely with the Chapter of Durham Cathedral, and the grants proposed to an Annual General Meeting are for projects which feature in Chapter's strategic plans and which have been commended to the Trustees.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

Significant activities and achievements against objectives

From time to time we enjoy the support of generous legacies and 2025 has benefited from a significant upturn in such receipts. Contributions from other sources remain broadly at similar levels to previous years and continue to demonstrate thriving Friends activity.

Financial review

At present, our reserves are well positioned to more than fully cover commitment to approved grants and enable future support to the Cathedral.

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

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FRIENDS OF DURHAM CATHEDRAL

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Major risks

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

It is the opinion of the trustees that for the financial year ended 31 December 2022 the charity has achieved objectives.

Plans for future periods

We are continuing to liaise with the Cathedral Development team to generate an increased public awareness for the Cathedral and possible involvement which we are hoping will increase our membership and we are already seeing signs of progress. Events and excursions are held throughout the year which prove very popular with members and new ideas for these functions are continually being sought.

Our grateful thanks must, once again, be given to the unstinting support received by our many volunteers without whom, we would not have the undoubted success these events have had.

Structure, governance and management

Under the revision of its Constitution in June 1991 and reconfirmed at the revision in June 2019 it was determined that Friends of Durham Cathedral should be administered and managed by an Executive Council, and that the Council should consist of:

• A Chairman, Honorary Secretary, and Honorary Treasurer, each elected at the Annual General meeting for a term of three years and eligible for re-election;

• A maximum of nine members, each elected at the Annual General Meeting for a maximum of three years and eligible for re-election for one further term, after which he/ (she) must stand down for at least one year; - A Representative of Chapter, appointed by Chapter;

• The Chapter Clerk;

• A maximum of three co-opted members each appointed at the discretion of the Committee for a maximum of three years.

It was also agreed that to further its objectives the Council should establish such sub-committees as were felt necessary. Currently there is a Fund Raising Committee and a Programme and Public Relations Committee.

This structure serves to ensure the continued vitality of the charity, for the members of its sub-committees are drawn from those attending events and social occasions as well as from members of its Executive Council, and are the usual recruiting ground when vacancies occur on the executive Council. Thus those recruited as Trustees already have some experience of the objects and activities of the charity.

The trustees who served during the year and up to the date of signature of the financial statements were: Canon Dr E D Hunt

Mrs J Dean G F Summerbell (Deceased 2 March 2025) A P French G Barber Mrs M Potter (Resigned 7 June 2025) Mrs C Peacock Chairman Mrs C Lightfoot MJD Lightfoot M Pounder (Appointed 7 June 2025) Mrs H Bradshaw (Appointed 7 June 2025) M Spencer (Appointed 7 June 2025) GG Sampson Revd Cannon M Everitt (Resigned 4 July 2025) M Sunter (Appointed 7 June 2025)

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FRIENDS OF DURHAM CATHEDRAL

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Recruitment and appointment of trustees

The trustees' report was approved by the Board of Trustees.

Mrs C Peacock Chairman

Trustee

6 June 2026

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FRIENDS OF DURHAM CATHEDRAL

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF FRIENDS OF DURHAM CATHEDRAL

I report to the trustees on my examination of the financial statements of Friends of Durham Cathedral (the charity) for the year ended 31 December 2025.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

• 1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.

• 2 the financial statements do not accord with those records; or

• 3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

RMT Accountants & Business Advisors Ltd David Holloway FCA DChA Finchale House Belmont Business Park Durham DH1 1TW

Date: ............................

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FRIENDS OF DURHAM CATHEDRAL

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2025

Unrestricted Endowment funds funds 2025 2025 Notes £ £ Income from: Donations and legacies 3 247,852 - Other trading activities 4 15,130 - Investments 5 19,844 - Total income 282,826 - Expenditure on: Raising funds 6 3,440 - Charitable activities 7 161,338 - Total expenditure 164,778 - Net gains/(losses) on investments 39,839 (4,718) Net income/(expenditure) and movement in funds 157,887 (4,718) Reconciliation of funds: Fund balances at 1 January 2025 713,356 106,429 Fund balances at 31 December 2025 871,243 101,711	Total Unrestricted Endowment funds funds 2025 2024 2024 £ £ £ 247,852 75,490 - 15,130 24,973 - 19,844 27,701 - 282,826 128,164 - 3,440 22,682 - 161,338 156,684 - 164,778 179,366 - 35,121 13,387 12,397 153,169 (37,815) 12,397 819,785 751,171 94,032 972,954 713,356 106,429	Total 2024 £ 75,490 24,973 27,701 128,164 22,682 156,684 179,366 25,784 (25,418) 845,203 819,785

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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FRIENDS OF DURHAM CATHEDRAL

BALANCE SHEET

AS AT 31 DECEMBER 2025

Notes Fixed assets Tangible assets 13 Investments 14 Current assets Stocks 15 Debtors 16 Cash at bank and in hand Creditors: amounts falling due within one year 17 Net current assets Total assets less current liabilities The funds of the charity Endowment funds 18 Unrestricted funds 19	2025 £ 921 34,512 635,052 670,485 (2,321)	£ 1,250 303,540 304,790 668,164 972,954 101,711 871,243 972,954	2024 £ 1,007 27,251 531,799 560,057 (9,942)	£ 1,250 268,420
				269,670 550,115
				819,785
				106,429 713,356
				819,785

The financial statements were approved by the trustees on 6 June 2026

Mrs C Peacock Chairman Trustee

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FRIENDS OF DURHAM CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

Charity information

Friends of Durham Cathedral was founded in 1933. It was registered as a Charity on 24 July 1987. Its Governing Constitution, adopted by members at the Annual General Meeting held on 6 June 1987, was revised at the Annual General Meeting held on 1 June 1991, with a further minor revision that was approved at the Annual General Meeting held on 1 June 2019. Its registered office can be viewed within legal and administrative information.

1.1 Basis of preparation

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102 (effective 1 January 2019).

The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

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FRIENDS OF DURHAM CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

(Continued)

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised and refer to the trustees' annual report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure the period of receipt.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment 15% reducing balance Computers 3 years on cost Heritage assets Not depreciated

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

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FRIENDS OF DURHAM CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

(Continued)

1.9 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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FRIENDS OF DURHAM CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

	Unrestricted	Unrestricted
	funds	funds
	2025	2024
	£	£
Donations and gifts	10,860	18,756
Legacies	204,441	19,445
Grants	4,500	4,500
Membership fees	27,201	32,014
Donated goods and services	850	775
	247,852	75,490
Donations and gifts
Donations	-	7,174
Tax recoverable	-	11,582
Other	10,860	-
	10,860	18,756
Grants
The Sir John Priestman Charity Trust	4,500	4,500
	4,500	4,500

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FRIENDS OF DURHAM CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

4 Income from other trading activities

		Unrestricted	Unrestricted
		funds	funds
		2025	2024
		£	£
	Fundraising events	8,726	20,792
	Trading income	6,404	4,181
	Other trading activities	15,130	24,973
5	Income from investments
		Unrestricted	Unrestricted
		funds	funds
		2025	2024
		£	£
	Investment income	19,844	27,701
6	Expenditure on raising funds
		Unrestricted	Unrestricted
		funds	funds
		2025	2024
		£	£
	Fundraising and publicity
	Staging fundraising events	2,764	21,492
	Trading costs
	Purchases	676	1,190
	Total costs	3,440	22,682

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FRIENDS OF DURHAM CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

7 Expenditure on charitable activities

		Grants to	Grants to
		Durham	Durham
		Cathedral	Cathedral
		2025	2024
		£	£
	Direct costs
	Website costs	502	1,200
	Postage and stationery	5,719	9,421
	Donations	-	100
	Contribution to salary	12,092	31,694
		18,313	42,415
	Grant funding of activities	135,370	108,045
	Share of support and governance costs (see note 8)
	Support	7,655	6,224
		161,338	156,684
	Analysis by fund
	Unrestricted funds	161,338	156,684
8	Support costs allocated to activities
		2025	2024
		£	£
	Insurance	354	341
	Bank charges	344	951
	Software licences	4,547	3,227
	Governance costs	2,410	1,705
		7,655	6,224
	Analysed between:
	Grants to Durham Cathedral	7,655	6,224
		2025	2024
	Governance costs comprise:	£	£
	Independent examination fees	1,870	1,705
	Legal and professional	540	-
		2,410	1,705

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FRIENDS OF DURHAM CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

9	Net movement in funds	2025	2024
		£	£
	The net movement in funds is stated after charging/(crediting):
	Fees payable for the independent examination of the charity's financial
	statements	1,870	1,705

10 Trustees

None of the trustees (or any persons connected with them) received any expenses, remuneration or benefits from the charity during the year.

11 Employees

The average monthly number of employees during the year was:

	2025	2024
	Number	Number
Total	-	-

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

13 Tangible fixed assets

Plant and equipment Computers Heritage assets £ £ £ Cost At 1 January 2025 18,339 945 1,250 At 31 December 2025 18,339 945 1,250 Depreciation and impairment At 1 January 2025 18,339 945 - At 31 December 2025 18,339 945 - Carrying amount At 31 December 2025 - - 1,250 At 31 December 2024 - - 1,250	Total £ 20,534
	20,534
	19,284
	19,284
	1,250
	1,250

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FRIENDS OF DURHAM CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

14 Fixed asset investments Cost or valuation At 1 January 2025 Valuation changes At 31 December 2025 Carrying amount At 31 December 2025 At 31 December 2024 15 Stocks Finished goods and goods for resale 16 Debtors Amounts falling due within one year: Other debtors 17 Creditors: amounts falling due within one year Other creditors Accruals and deferred income	Listed investments £ 268,420 35,120 303,540 303,540 268,420 2025 2024 £ £ 921 1,007 2025 2024 £ £ 34,512 27,251 2025 2024 £ £ 1,301 9,012 1,020 930 2,321 9,942

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FRIENDS OF DURHAM CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

18 Endowment funds

Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

At 1 Permanent endowments The Late Major Lisle Pattison and the Late Mrs Dorothy Pattison The Late Mrs Phyllis Mary Richardson Previous year: At 1 Permanent endowments The Late Major Lisle Pattison and the Late Mrs Dorothy Pattison The Late Mrs Phyllis Mary Richardson	January 2025 Gains and losses At 31 December 2025 £ £ £ 14,370 2,490 16,860 92,059 (7,208) 84,851 106,429 (4,718) 101,711 January 2024 Gains and losses At 31 December 2024 £ £ £ 80,028 12,031 92,059 14,004 366 14,370 94,032 12,397 106,429

19 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 General funds Previous year: At 1 General funds	January 2025 Incoming resources Resources expended Gains and losses At 31 December 2025 £ £ £ £ £ 713,356 282,826 (164,778) 39,839 871,243 January 2024 Incoming resources Resources expended Gains and losses At 31 December 2024 £ £ £ £ £ 751,171 128,164 (179,366) 13,387 713,356

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FRIENDS OF DURHAM CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

20 Analysis of net assets between funds

Unrestricted Endowment funds funds 2025 2025 £ £ At 31 December 2025: Tangible assets 1,250 - Investments 201,829 101,711 Current assets/(liabilities) 668,164 - 871,243 101,711 Unrestricted Endowment funds funds 2024 2024 £ £ At 31 December 2024: Tangible assets 1,250 - Investments 161,991 106,429 Current assets/(liabilities) 550,115 - 713,356 106,429	Total 2025 £ 1,250 303,540 668,164
	972,954
	Total 2024 £ 1,250 268,420 550,115
	819,785

21 Related party transactions

There were no disclosable related party transactions during the year (2024 - none).

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